Top performing sales reps and the fastest growing sales organizations are adopting these seven habits that make up the money booth method as part of their winning sales strategy.
With all the sales activities salespeople are expected to complete, and often simultaneously, it can be overwhelming to know where to begin. Some might approach sales activities as a giant to-do list that they just want to power through. Others may over automate the process, dialing through lists, blanketing all their opportunities with the same tired message hoping and praying someone will respond or pick up the phone. And many will simply give up too soon or completely neglect opportunities.
With numbers that tell us conversion rates increase by nearly 400 percent if a new lead is called in under one minute and by 128% if a mix of email and phone touches are consistently leveraged over multiple days and weeks, we know prioritizing these activities are important.
Enter: The money booth method, a seven-part strategy for sales reps and organizations on a growth trajectory. Inspired by the billions of data points collected and analyzed by the Velocify research team over 12 years, the money booth method highlights seven of the most important habits your sales team needs to adopt to beat the odds. Below we highlight the parallels between a game show money booth strategy and what it takes to succeed when you step into your sales organization’s money booth.
Money Booth Method – Apply a Winning Strategy
The rate at which sales opportunities come and go is much like being in a money booth where you have so much opportunity, or cash, flying around you at every angle. If you go into the booth without a strategy, you might get lucky; however, if you go in with a strategy, you’ll stand a better chance of catching more bills than the person that didn’t prepare.
In sales it’s the same. It is important to have a plan in advance, so you can execute in a timely manner and not waste time stopping to think about what comes next. In fact, our research shows that high performing sales organizations are 79% more likely to have closely monitored, strictly enforced sales process in place.
Target One Bill at a Time – Eliminate Unnecessary Activities
If you’ve seen game show contestants in a money booth, you’ll know those who go in with arms flailing don’t render the best results. With the amount of activity and cash flying around, it can be overwhelming to know where to begin. A targeted approach is needed to filter out unnecessary activity.
The same goes for sales prospecting. Efforts need to be targeted on activities that impact revenue. This is when a blend of automation and personalization are extremely beneficial. While personalization is critical to delivering the right message, at the right time, and in the right way, there are ways to automate aspects of this process so reps aren’t wasting time on unnecessary activities that can be performed by something like software.
Another option is to reduce time spent doing certain activities. Wherever it makes sense for your business, cutting time from one activity means your reps can spend more time on proven, revenue-driving activities. For example, how much time should reps spend researching a prospect? According to Winning Strategies for Optimal Sales Processes, top companies are 38 percent more likely to spend just one to five minutes researching a prospect and are 31 percent less likely to spend more than 15 minutes.
Targeted efforts increase productivity. Automating certain tasks and spending less time on others that aren’t directly impacting revenue free up your sales reps’ time so they can focus on the necessary activities, like making more calls. Research shows a strong correlation between the average number of calls a salesperson makes per day and revenue growth.
Use Both Hands – Be Versatile
The goal of the money booth game is to grab as much cash as possible, so why wouldn’t contestants leverage both hands? The best contestants are resourceful and leverage their surroundings—the wall and even their own body—to trap cash. The trick is being versatile enough to adapt to wherever the money goes.
Sales opportunities also have preferences, and versatility in your contact strategy allows the flexibility to meet opportunities on their terms. And just like in the money booth, it is much more effective for sales reps to use multiple resources by taking a multi-channel approach (e.g., phone, voicemail, email, SMS messages, social) to capture opportunity.
According to the Ultimate Contact Strategy, optimizing phone and email strategically increases conversion by 128 percent. Voicemail and text messaging can also be highly effective, but come with some cautions. If using voicemail, don’t leave a message after every contact attempt. Our research shows the best performing practice is two voicemails over a six call contact strategy. And text messaging can actually be harmful if leveraged before you make contact with the prospect, however, when used appropriately after a connection is made, text messaging can increase conversion rates but up to 113 percent.
Move Quickly but Purposefully – Exercise Speed
In the money booth, even the best strategy will not be effective if contestants in the booth don’t have a sense of urgency and pounce immediately on every bill they target. Bills are moving fast, and if you go to grab a bill, even a second after your eye has spotted it, it will likely have already moved out of reach.
Similarly, the speediest salespeople have the greatest advantage. Especially given the level of neglect by most companies. In fact, according to Velocify Secret Shopper data, only three percent of salespeople make their first contact attempt in under one minute even though this is when conversion rates are at their highest. Conversion rates continue to decline as time passes and yet, surprisingly, the majority of sales reps make their first contact attempt at the 48 hour mark or later.
Your sales organization can gain an advantage over competitors by enforcing a sales process that ensures a speedy follow up with new leads. Technology can help immediately alert reps as soon as new opportunities come in.
Spread Fingers Wide – Cast a Wide Net
Contestants in a money booth increase odds of catching bills by going after larger cash clusters. You can still focus on just one bill, but when you go to reach for it, having your fingers spread wide will increase your chances of catching other bills around it.
Your sales reps can cast a wide net by targeting accounts using an account-based sales (ABS) strategy. Rather than place all your eggs in one basket or contact, an ABS approach increases your chance of securing opportunity by targeting multiple personas within target accounts through a series of multi-touch communication.
Social channels are another proven way to expand reach. It’s another avenue for reps to build relationships, research, and connect with prospects outside of phone and email. According to The New Science of Sales Performance, top sellers use LinkedIn on average of six hours per week. Top companies are also investing in social media strategies, showing they are 52 percent more likely to generate leads from social channels.
Stuff Bills Into Pockets – Focus on the Prize
Winning in the money booth means collecting the most money. The best contestants know this and don’t hesitate to pocket cash as soon as they grab it. They focus on the end game and don’t risk losing what they’ve got by trying to accumulate more cash or analyzing denominations before putting it away. Once cash is in hand, the next move is almost instinctual because winners can’t afford to waste time.
Similarly, you’ll want to create an instinctual approach within your organization so reps aren’t wasting time trying to figure out the next best step. To do this, you’ll want to understand what works and what doesn’t in your sales process so you can develop a prioritization strategy that delivers results. Even better if you can automate this strategy to take the guesswork out and to ensure every action taken is a concerted effort towards the prize, i.e., the close.
Find More – Find More
When money booth contestants need more money, they find more! They do so by shuffling their feet to kick up bills from the floor to get things recirculating.
In sales, finding more is critical to the business. According to Winning Strategies for Optimal Sales Processes, there is a strong correlation between sales reps who are assigned a greater number of leads per day and a company’s revenue growth. However, it isn’t always possible to assign reps more leads if they aren’t coming in through marketing channels. This is where, prospecting comes into play to supplement what marketing is doing to generate leads.
Your sales team can find more opportunity by expanding their network. Reps can expand their network through social channels—those who do are 79 percent more likely to reach quota.
You might also find gold in your current database of leads. Since response time influences purchase decision, be sure to redistribute your leads if they are untouched for a certain amount of time. The best companies are 3x more likely to redistribute leads if the lead goes untouched for 15 minutes. Any leads that go untouched for longer periods of time can be put into a shark tank for your reps to tap into during any down time. If you’re interested in other ways to tap into aged leads, you might find this blog post helpful: 5 Ways to Bring Aged Leads Back from the Dead.
Sales reps are in the money booth every day, they have money flying all around them that they are trying to catch but limited time and resources. The good news is that we can control some of the variables – how many new bills are flowing through every day, the tools they use to be more effective, the bills that will give them the most value that they can focus on (similar to a golden ticket), and most importantly developing a strategy to maximize the opportunity coming into the booth every day.
Meet the Author: Jorge Jeffery joined Velocify in 2011 and is director of research and analytics. Jorge has been instrumental in mining data from more than 1,500 sales teams that leverage Velocify’s solutions today. Insights gleaned help establish best practices for Velocify clients in order to maximize revenue potential.